Das 1883 gegründete Unternehmen Wolverine Worldwide vermarktet und lizenziert Markenschuhe und -bekleidung für die Bereiche Freizeit, aktiver Lifestyle, Arbeit, Outdoor-Sport, Sport, Kinder und Uniform.
Die Übernahme von Sweaty Betty ergänzt den strategischen Wandel, den Wolverine Worldwide in den letzten Jahren von einem traditionellen Schuhgroßhändler zu einem verbraucherorientierten, digital ausgerichteten Wachstumsunternehmen vollzogen hat.
Team von Baker McKenzie
Das Baker McKenzie-Team wurde von den Partnern Alexander Fischer in Zürich und Phelim O’Doherty in London geleitet. Weitere Unterstützung kam von James Adams (Senior Associate) und Grace Blackburn (Associate) aus der Londoner Corporate-Praxis. Ebenfalls an der Transaktion beteiligt waren Honigman (unter der Leitung von Tracy Larsen mit dem Team von Rob Kiburz und Andy Newton), die Wolverine Worldwide in den USA und bei anderen strategischen Aspekten der Transaktion berieten.
Information von Wolverine Worldwide über die Transaktion
Wolverine Worldwide informiert wie folgt über die Transaktion:
Wolverine World Wide, Inc. (NYSE: WWW), which operates one of the world’s largest portfolios of footwear and lifestyle brands, today announced that it has acquired Sweaty Betty®, a global fitness and lifestyle brand on a mission to empower women. The all-cash transaction is valued at approximately $410 million and closed on August 2, 2021.
Founded in 1998, Sweaty Betty has quickly grown to become a global brand designed by women for women. It has cultivated a loyal following through its purpose-driven mission and high quality products, including a wide array of innovative and on-trend tops, bottoms, swimwear, outerwear, and accessories. Distributed around the world, over eighty percent of the brand’s revenue currently comes through direct-to-consumer channels, allowing deep connections with its passionate consumer base.
“The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company. It also gives us a leadership position in the growing women’s activewear category,” said Blake W. Krueger, Wolverine’s Chairman and Chief Executive Officer. “Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our Company.”
“Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear,” said Brendan Hoffman, President of Wolverine Worldwide. “Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”
Sweaty Betty’s Chief Executive Officer, Julia Straus, will continue to lead the brand and will report to Hoffman. “Sweaty Betty has seen incredible growth over the past few years, and we are excited to further accelerate this growth as part of the Wolverine Worldwide family,” said Straus. “From the moment I met the team at Wolverine Worldwide, I knew they were the right partner to support us in the next chapter of Sweaty Betty. Their portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution, and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to ‘empower more women through fitness all over the world’.”
“We founded Sweaty Betty in 1998 with the purpose to empower women through fitness, and today we are delighted to have found the right partner in Wolverine Worldwide, a company that is perfectly positioned to support the acceleration of our mission,” said Tamara and Simon Hill-Norton, Founders of Sweaty Betty. “We’re so proud to have built an incredible community of active women who inspire us daily and are excited to see this powerful and supportive community grow worldwide.”
Effective August 2, 2021, Wolverine Worldwide acquired all the shares of Lady of Leisure InvestCo Limited, the entity that owns the Sweaty Betty brand, from L Catterton and other shareholders for approximately $410 million, funded by cash and the Company’s revolving line of credit. It is expected to be accretive to earnings in year one.
Additional details about the transaction are contained in a presentation under “Webcasts and Presentations” in the Investor Relations section of www.wolverineworldwide.com
Rothschild & Co. served as financial advisor to Wolverine Worldwide, with Baker McKenzie and Honigman LLP as legal advisors. Goldman Sachs International served as lead financial advisor to Sweaty Betty; Financo/Raymond James served as financial advisor to Sweaty Betty; Gibson Dunn & Crutcher LLP served as lead legal advisors to L Catterton, Wittington Investments Limited, and Sweaty Betty; and Pinsent Masons LLP served as legal advisors to Sweaty Betty.
Über Wolverine World Wide
Founded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The company’s portfolio includes Sweaty Betty®, Merrell®, Saucony®, Sperry®, Hush Puppies®, Wolverine®, Keds®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 130 years, the company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories.
Über Sweaty Betty
Leading British activewear and lifestyle brand Sweaty Betty has been on a mission to empower women through fitness and beyond since 1998. The brand’s loyal, fast-growing and global community of active women has female empowerment and inclusivity at its core. Famous for bum-sculpting leggings and innovative prints, Sweaty Betty combines fitness and style with technical high-performance fabrics and responsibly sourced materials. Based in London, the design team create multi-sport, beautiful and technical clothes that flatter a woman’s body, giving her the confidence to take on the world.
In addition to its website which services customers globally, Sweaty Betty has shops in the UK and Asia, in addition to being in Selfridges, Harrods and shop-in-shops in over 99 Nordstrom stores across North America. The brand’s products can also be found at leading retailers all over the world.
